Thrive raises $10B for brand spanking new fund, its largest but

Thrive Capital simply raised $10 billion for a brand new fund — the biggest fund it has ever raised and practically double the scale of its final fund. Of this, $1 billion is devoted to early-stage investments, whereas the remainder is for growth-stage investments, in accordance with an announcement from the firm.

Thrive informed Bloomberg that this newest fundraise was oversubscribed. That is the agency’s tenth fund — referred to as Thrive X — and comes as a number of the agency’s greatest investments, together with OpenAI, Stripe, and SpaceX, proceed to soar in worth. A number of the agency’s different notable investments embrace Databricks, Anduril, and Cursor. The agency additionally incubates firms, having spun up 12 to this point, with not less than six now having reached unicorn standing.

The agency’s technique is to “commit deeply to a small variety of founders,” the agency stated in its announcement. “Focus calls for loyalty to the founders and missions we again.”

Chatting with Bloomberg, Josh Kushner, founding father of the agency, stated he believed the winners of the AI increase would “be greater than we are able to ever think about,” and that the expertise continues to be nascent.

Thrive’s large increase additionally hints at one thing else. IPO rumors have swirled round OpenAI and SpaceX particularly, bringing appreciable curiosity from restricted companions awaiting returns. These two firms may result in an unprecedented circulate of capital again to limited partners.

We’ve reached out to Thrive for extra data.